3.2.1.2 GSGG global systems

Question 1

Bilateral aid

Answer 1

Assistance given by a government directly to the government of another country

Question 2

Deregulation

Answer 2

The removal of regulations (rules) or restrictions in a particular industry. Businesses can operate internationally more easily and it increase competition.

Question 3

Global institution

Answer 3

A large, important organisation that operates across the world.
For example, the International Monetary Fund and World Bank govern the global financial system.

Question 4

Interdependence

Answer 4

When 2 more things rely on each other

Question 5

Interest

Answer 5

Money paid regularly at a particular rate for the use of money lent

Question 6

Loan

Answer 6

Money that is borrowed

Question 7

Neo-liberalism

Answer 7

A political approach that involves less government control of the economy. It involves removal of trade barriers, privatisation and cuts in government spending. It has increased free trade.

Question 8

Privatisation

Answer 8

The transfer of an industry, or service from public to private ownership and control

Question 9

Remittance

Answer 9

A sum of money that is transferred to another person or party. This could be from migrants from peripheral regions living in core regions sending money back.

Question 10

Repatriation

Answer 10

The sending of money back to one own country

Question 11

Sovereignty

Answer 11

The right of a country to govern itself

Question 12

Trade surplus

Answer 12

A situation in which the value of goods that a country
exports (sells to other countries) is more than the value of
goods it imports (buys from other countries).

Question 13

Trade deficit

Answer 13

A situation in which the value of goods that a country
imports (buys from other countries) is more than the value
of goods it exports (sells to other countries).